Re: Deceased lender

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Posted by Rick, the Probate Guy on June 03, 2009 at 21:42:58:

In Reply to: Deceased lender posted by ryan bui on June 03, 2009 at 21:22:06:

What state is this in?

Actually, you have a deceased "vendor" not a lender, if this really is a contract for deed sale. THis means that the buyer (Vendee") probably never received the deed with good title, either.

These are pretty rare in my state, CA, however I run across them now and then.

I had one situation many years ago (and before the last bubble) with very similar circumstances, except that the vendors were long lost/dead and the buyer/vendee, a woman who died at age 101. She left a husband from after her contract for sale deal, who had no capacity to sign, sell, or talk. (It's starting to sound like a Kristine story, eh?).

The property consisted of a fire damaged house that I didn't have the guts to go the A/P route or quiet title, in part because the family of the old woman husband wanted nothing to do with the house and the repairs would be substantial. Essentially, the risk/reward didn't make any sense because I couldn't find anyone living who could/would give me something, defective or otherwise, that I could say gave me something akin to title.

If this is a contract for deed deal, you'll have to figure out what powers and capacity are required for the transfer of the contract, in order to acquire it.

Same if it's a Note with TD or mortgage.

You really need to tell us what state this is in and fully reverse engineer the title and have clean copies of the docs so you see what you have. Complicated it is; messy it may become...but it does sound interesting!

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